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| Ex-Traders in Britain to Face Currency-Rigging Charges in U.S. | Ex-Traders in Britain to Face Currency-Rigging Charges in U.S. |
| (about 3 hours later) | |
| LONDON — Three former traders in Britain have agreed to travel to the United States to face criminal charges that they were part of a conspiracy to rig foreign currency markets. | LONDON — Three former traders in Britain have agreed to travel to the United States to face criminal charges that they were part of a conspiracy to rig foreign currency markets. |
| The criminal case represents a stark contrast in the approach that British and United States authorities have taken in a long-running series of inquiries into whether bankers had colluded to manipulate the trading of currencies, an area that is lightly regulated. | The criminal case represents a stark contrast in the approach that British and United States authorities have taken in a long-running series of inquiries into whether bankers had colluded to manipulate the trading of currencies, an area that is lightly regulated. |
| In the last three years, some of the world’s biggest banks, including Barclays, Citigroup, JPMorgan Chase and the Royal Bank of Scotland, have agreed to pay billions in civil penalties in the inquiries and some banks have pleaded guilty to criminal charges in the United States. Several traders also have lost their jobs as a result. | |
| But only United States authorities have brought criminal charges against any individuals. British authorities closed their investigation without any criminal charges last year. | But only United States authorities have brought criminal charges against any individuals. British authorities closed their investigation without any criminal charges last year. |
| According to a letter filed in their court case on Monday, the three defendants — Christopher Ashton, a former Barclays trader; Rohan Ramchandani, the former head of G-10 FX spot trading at Citigroup; and Richard Usher, a former JPMorgan Chase trader — have all agreed to waive extradition and appear next month in the Federal District Court in Manhattan. | According to a letter filed in their court case on Monday, the three defendants — Christopher Ashton, a former Barclays trader; Rohan Ramchandani, the former head of G-10 FX spot trading at Citigroup; and Richard Usher, a former JPMorgan Chase trader — have all agreed to waive extradition and appear next month in the Federal District Court in Manhattan. |
| “Mr. Usher has a very good case to contest extradition. Nonetheless, he is going voluntarily to the U.S.,” said Jonathan Pickworth, a lawyer in Britain for Mr. Usher. “He is innocent of any wrongdoing and welcomes this, his first opportunity to defend himself almost four years after this investigation began.” | “Mr. Usher has a very good case to contest extradition. Nonetheless, he is going voluntarily to the U.S.,” said Jonathan Pickworth, a lawyer in Britain for Mr. Usher. “He is innocent of any wrongdoing and welcomes this, his first opportunity to defend himself almost four years after this investigation began.” |
| Alison Geary, a lawyer for Mr. Ramchandani, said: “Mr. Ramchandani has agreed to travel voluntarily to the U.S.A. to stand trial and clear his name. He has not committed any criminal offense. The Serious Fraud Office itself concluded as much.” | Alison Geary, a lawyer for Mr. Ramchandani, said: “Mr. Ramchandani has agreed to travel voluntarily to the U.S.A. to stand trial and clear his name. He has not committed any criminal offense. The Serious Fraud Office itself concluded as much.” |
| A lawyer for Mr. Ashton did not immediately respond to a request for comment on Tuesday. | A lawyer for Mr. Ashton did not immediately respond to a request for comment on Tuesday. |
| The criminal case against the three men is one of three cases that the United States Justice Department has brought against individuals in its investigation. | The criminal case against the three men is one of three cases that the United States Justice Department has brought against individuals in its investigation. |
| Jason Katz, a former Barclays and BNP Paribas trader, pleaded guilty in January to a conspiracy charge, becoming the first person to admit wrongdoing in the currency-rigging investigation. | Jason Katz, a former Barclays and BNP Paribas trader, pleaded guilty in January to a conspiracy charge, becoming the first person to admit wrongdoing in the currency-rigging investigation. |
| Mark Johnson, a former HSBC executive, was arrested at Kennedy International Airport last year and has pleaded not guilty to wire fraud and conspiracy charges. He is free on bail pending trial. | Mark Johnson, a former HSBC executive, was arrested at Kennedy International Airport last year and has pleaded not guilty to wire fraud and conspiracy charges. He is free on bail pending trial. |
| Mr. Johnson has been charged alongside Stuart Scott, another former HSBC executive who is fighting extradition to the United States. | Mr. Johnson has been charged alongside Stuart Scott, another former HSBC executive who is fighting extradition to the United States. |
| Mr. Scott was arrested last week at the request of American authorities and was released on bail. He is expected to appear in court in London next month to contest extradition. | Mr. Scott was arrested last week at the request of American authorities and was released on bail. He is expected to appear in court in London next month to contest extradition. |
| According to the indictment in their case, Mr. Ashton, Mr. Ramchandani and Mr. Usher have been accused of conspiring to rig bids in trading of the euro to the United States dollar. The three were originally charged in January. | According to the indictment in their case, Mr. Ashton, Mr. Ramchandani and Mr. Usher have been accused of conspiring to rig bids in trading of the euro to the United States dollar. The three were originally charged in January. |
| Prosecutors have accused the men of being part of a group of traders known as “the Cartel” or “the Mafia” and using telephone calls, emails and chat messages to collude with one another to manipulate the price of currencies. | Prosecutors have accused the men of being part of a group of traders known as “the Cartel” or “the Mafia” and using telephone calls, emails and chat messages to collude with one another to manipulate the price of currencies. |
| After beginning its investigation in 2014, the Serious Fraud Office, which investigates fraud in Britain, closed its inquiry in March 2016 without bringing any charges, saying there was “insufficient evidence for a realistic prospect of conviction.” | After beginning its investigation in 2014, the Serious Fraud Office, which investigates fraud in Britain, closed its inquiry in March 2016 without bringing any charges, saying there was “insufficient evidence for a realistic prospect of conviction.” |
| “Whilst there were reasonable grounds to suspect the commission of offenses involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offense contrary to English law,” the agency said at the time. | “Whilst there were reasonable grounds to suspect the commission of offenses involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the evidential test required to mount a prosecution for an offense contrary to English law,” the agency said at the time. |
| The decision to close the investigation came after the fraud office suffered a setback in its efforts to prosecute individuals related to the potential manipulation of a key benchmark interest rate, the London interbank offered rate, or Libor. | The decision to close the investigation came after the fraud office suffered a setback in its efforts to prosecute individuals related to the potential manipulation of a key benchmark interest rate, the London interbank offered rate, or Libor. |
| In January 2016, a jury acquitted six former brokers of helping a onetime trader at UBS and Citigroup manipulate Libor. In April of this year, two former Barclays traders were acquitted in their retrial on charges they plotted to manipulate the benchmark interest rate. | In January 2016, a jury acquitted six former brokers of helping a onetime trader at UBS and Citigroup manipulate Libor. In April of this year, two former Barclays traders were acquitted in their retrial on charges they plotted to manipulate the benchmark interest rate. |